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UNITEDSTATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.20549

FORM 10-K

 ANNUAL REPORT PURSUANT TOSECTION 13 OR 15(d) OFSECURITIES EXCHANGE ACT OF 1934 [FEEREQUIRED]For the fiscal year ended March  31,2006

OR

 TRANSITIONREPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGEACT OF 1934 [NO FEE REQUIRED]For the transition periodfrom to

Commission file number333-71022-06

Honda Auto Receivables 2003-2Owner Trust

(Exact name of registrant asspecified in itscharter)

|                                              |  |  |                                   |
|----------------------------------------------|--|--|-----------------------------------|
| Delaware                                     |  |  | 61-6298909                        |
| (Stateor other jurisdiction ofincorporation) |  |  | (I.R.SEmployer IdentificationNo.) |
|                                              |

|                                        |  |  |           |
|----------------------------------------|--|--|-----------|
| 20800Madrona Avenue Torrance,CA        |  |  | 90503     |
| (Addressof principal executiveoffices) |  |  | (ZipCode) |
|                                        |

Registrant's telephone number,including area code: (310)972-2511

Securities registered pursuant toSection 12(b) of theAct:

|                    |  |  |                                          |
|--------------------|--|--|------------------------------------------|
| Titleof Each Class |  |  | Name of Each Exchange on WhichRegistered |
| None               |  |  | None                                     |
|                    |

Securitiesregistered pursuant to Section 12(g) of theAct:

None

Indicate by check mark if theregistrant is a well-known seasoned issuer, as defined in Rule 405 ofthe Securities Act. YES     NO 

Indicate bycheck mark if the registrant is not required to file reports pursuantto Section 13 or Section 15(d) of the Act. YES     NO

Indicate by check mark whether the registrant (1) hasfiled all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or forsuch shorter period that the registrant was required to file suchreports), and (2) has been subject to such filing requirements for thepast 90 days. YES     NO 

Indicate by checkmark if disclosure of delinquent filers pursuant to Item 405 ofRegulation S-K is not contained herein, and will not be contained, tothe best of registrant’s knowledge, in definitive proxy orinformation statements incorporated by reference in Part III of thisForm 10-K or any amendment to this Form10-K.    

Indicate by check mark whether theregistrant is a large accelerated filer, an accelerated filer, or anon-accelerated filer. See definition of ‘‘acceleratedfiler and large accelerated filer’’ in Rule 12b-2 of theExchange Act. (Check one):

Large AcceleratedFiler             Accelerated Filer            Non-Accelerated Filer

Indicate by check mark whether the registrant is ashell company (as defined in Rule 12b-2 of the Exchange Act). YES    NO 

Registrant has no voting or non-votingclass of common equity outstanding and held by nonaffiliates as of thedate of this report.

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PARTI

Item 1. Business

N/A

Item 1A. RiskFactors

N/A

Item 1B. Unresolved StaffComments

N/A

Item 2. Properties

The Honda AutoReceivables 2003-2 Owner Trust (the‘‘Trust’’) is a statutory trust formedpursuant to the trust agreement (the‘‘Agreement’’) between American HondaReceivables Corp., as Depositor (the‘‘Depositor’’), and U.S. Bank TrustNational Association, as Owner Trustee.

The Trust has issued fourclasses of notes (‘‘Class A-1 Notes1.23313%’’; ‘‘Class A-2 Notes1.34%’’; ‘‘Class A-3 Notes1.69%’’ and ‘‘Class A-4 Notes2.16%’’; collectively, the‘‘Notes’’) and a class of certificates (the‘‘Certificates’’). The Notes are backed bya pledge of the Trust's assets. Interest and principalcollections from the Trust’s assets will be divided among thevarious classes of securities in specified proportions.

TheTrust’s assets include fixed rate motor vehicles retailinstallment sales contracts secured by new and used Honda and Acuramotor vehicles (the‘‘Receivables’’).

The followingtables set forth the number and aggregate principal amount ofdelinquent receivables, the delinquency rates, and aggregate net lossesof the Honda Auto Receivables 2003-2 Owner Trust as of March31,  2006:

1. DelinquentContracts:

|                                 |  |  |           |  |  |                |
|---------------------------------|--|--|-----------|--|--|----------------|
|                            |  |  | Contracts |  |  | Amount($000's) |
| a. 30 – 59 DaysDelinquent |  |  | 1441      |  |  | 8755           |
| b.60 – 89 DaysDelinquent  |  |  | 328       |  |  | 2187           |
| c. 90 Days orMore Delinquent    |  |  | 80        |  |  | 620            |
|                                 |

2.DelinquentRatio:

|                      |  |  |                |
|----------------------|--|--|----------------|
|                 |  |  | Amount($000's) |
| a. DelinquentBalance |  |  | 11563          |
| b.Total Pool Balance |  |  | 276653         |
| c. DelinquencyRatio  |  |  | 4.18%          |
|                      |

3. Aggregate NetLosses:

|                         |  |  |                |
|-------------------------|--|--|----------------|
|                    |  |  | Amount($000's) |
| a. Cumulative NetLosses |  |  | 7205           |
| b.Original Portfolio    |  |  | 1,585,415      |
| c. AggregateLoss Ratio  |  |  | 0.45%          |
|                         |

Item 3. LegalProceedings

N/A

Item 4. Submission of Matters to a Voteof Security Holders

No vote or consent of the holders of theNotes (the ‘‘Noteholders’’) was solicitedfor any purpose during the year ended March  31,2006.

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PART II

Item 5. Market ForRegistrant's Common Equity, Related Stockholder Matters andIssuer Purchases of Equity Securities

All Certificates issued byHonda Auto Receivables 2003-2 Owner Trust are held by American HondaReceivables Corp. All holders of record of the Notes issued by HondaAuto Receivables 2003-2 Owner Trust are registered through Cede &Co. as nominee for The Depository Trust Company(‘‘DTC’’). The records of DTC indicate thatas of March  31,  2006, there were twenty-three (23) DTCparticipants holding a position in the Class A-4 Notes 2.16%.The other previously issued classes are no longeroutstanding.

Item 6. Selected FinancialData

N/A

Item 7. Management's Discussion andAnalysis of Financial Condition and Results ofOperations

N/A

Item 7A. Quantitative and QualitativeDisclosures About Market Risk

N/A

Item 8. FinancialStatements and Supplementary Data

N/A

Item 9. Changes Inand Disagreements with Accountants on Accounting and FinancialDisclosure

N/A

Item 9A. Controls andProcedures

N/A

Item 9B. OtherInformation

N/A

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PART III

Item 10. Directors andExecutive Officers of the Registrant

N/A

Item 11.Executive Compensation

N/A

Item 12. Security Ownership ofCertain Beneficial Owners and Management and Related StockholderMatters

N/A

Item 13. Certain Relationships and RelatedTransactions

N/A

Item 14. Principal Accountant Fees andServices

N/A

PART IV

Item 15. Exhibits andFinancial Statement Schedules

Exhibits required by Item 601 ofRegulationS-K:

|                   |  |  |                                               |
|-------------------|--|--|-----------------------------------------------|
| ExhibitNo. 99(A)  |  |  | Independent Accountants’Report          |
| Exhibit No. 99(B) |  |  | Servicer’sAnnual Compliance Certificate |
| Exhibit No.99(C)  |  |  | Annual Statement toCertificateholders         |
|                   |

SIGNATURES

Pursuantto the requirements of Section 13 or 15(d) of the Securities ExchangeAct of 1934, the Registrant has duly caused this report to be signed onits behalf by the undersigned, thereunto dulyauthorized.

Honda Auto Receivables 2003-2 OwnerTrustBy: American Honda Finance Corporation, asServicer(Registrant)

By:    /s/ Paul C.Honda

   Paul C. Honda, Assistant VicePresident,            Assistant Secretary and ComplianceOfficer

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SERVICERCERTIFICATION

I, Paul C. Honda, certifythat:

|          |                                                                                                                                                                                                                                                     |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.  | I have reviewed this annual report on Form10-K, and all reports on Form 8-K containing distribution or servicingreports filed in respect of periods included in the year covered bythis annual report, of Honda Auto Receivables 2003-2 OwnerTrust; |

|          |                                                                                                                                                                                                                                                                                                                                                            |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.  | Based on my knowledge, the information inthese reports, taken as a whole, does not contain any untrue statementof a material fact or omit to state a material fact necessary to makethe statements made, in light of the circumstances under which suchstatements were made, not misleading as of the last day of the periodcovered by this annual report; |

|          |                                                                                                                                                                                                                          |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.  | Based on myknowledge, the distribution or servicing information required to beprovided to the trustee by the servicer under the sale and servicingagreement, for inclusion in these reports is included in thesereports; |

|          |                                                                                                                                                                                                                                                                                                                               |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.  | Based on my knowledge and upon theannual compliance statement included in the report and required to bedelivered to the trustee in accordance with the terms of the sale andservicing agreement, and except as disclosed in the reports, theservicer has fulfilled its obligations under the sale and servicingagreement; and |

|          |                                                                                                                                                                                                                                                                                                                                                                                                                 |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.  | The reports disclose allsignificant deficiencies relating to the servicer's compliancewith the minimum servicing standards, based upon the report provided byan independent public accountant, after conducting a review incompliance with the Uniform Single Attestation Program for MortgageBankers or similar procedure, as set forth in the sale and servicingagreement, that is included in these reports. |

Date:May  26,2006

|                                                                                                                                                                              |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| /s/Paul C. Honda                                                                                                                                                             |
| Paul C. HondaAssistant VicePresident, Assistant Secretary and Compliance Officer of American HondaFinance Corporation,as servicer ofHonda Auto Receivables2003-2 Owner Trust |
|                                                                                                                                                                              |

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